Orlando housing market nears a balance between buyers and sellers
A steady increase in the pace of Orlando home sales activity is creating
conditions that are within striking distance of a balanced market. Inventory
level reflects an 8.37-month supply at the current pace of sales; a market
with six months of supply is considered by housing economists to be balanced
between buyers and sellers.
Members of the Orlando Regional REALTOR® Association in June sold 43.12
percent more homes than in June of last year, contributing to the area’s
year-to-date sales increase of 43.76 percent. Of those June sales, 45.99
percent of the homes were either bank-owned or distressed. The remaining
“normal” sales made up 54.01 percent.
The significant percentage of bank-owned and distressed home sales continue
to have an influence on Orlando’s reported median price. The median price
for “normal” sales is up 4.55 percent from last month. The median price for
bank-owned sales is down 2.56 percent from last month, and the median price
for distressed sales is up 8.57 percent from last month.
In addition to an increase in completed sales in Orlando, there is more than
double the number of homes currently awaiting closing than in June of last
year.
Inventory decreased by 1,292 homes from May 2009, which means that 1,292
more homes left the market than entered the market. Compared to last year,
the June 2009 inventory level is 27.44 percent lower than it was in June
2008.
The inventory level’s 8.37-month supply is the lowest since July 2006.
Posted: 10 July 2009
Source: Orlando Regional Realtor Association
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